Shiba Inu price, a popular meme-based altcoin, has shown strong upward momentum following Bitcoin’s recent all-time high of $107k. Over the past 30 days, SHIB recorded a notable 10% price gain, signaling growing investor interest. While meme coins have seen solid performances, Shiba Inu appears primed for further growth. Let’s explore 4 reasons key reasons behind SHIB’s bullish breakout potential, highlighting its recent trends and increasing optimism in the market.
Reasons For Shiba Inu Price to Breakout & Rally
The Shiba Inu price is showing strong signs of a potential breakout. This is driven by an inverse head-and-shoulders chart pattern signaling a bullish reversal and supportive on-chain metrics.
The 30-day MVRV is below zero, indicating reduced selling pressure as traders hold rather than sell at a loss. The declining supply of Shiba Inu price on exchanges suggests further bullish momentum, as fewer tokens are available for immediate sale.
Lastly, the Global In/Out of Money metric shows low resistance going ahead 16% of holders are Out of the money, rendering the possibility of selling pressure insignificant. With these 4 factors falling in line with each other, the meme coin looks ready for a massive breakout as investor attention was captured.
Shiba Inu Price Is Primed For Breakout
The inverse target is obtained by measuring the distance between the head’s right most part and its lowest point and adding it to the breakout point.. The target is calculated by measuring the distance from the head’s low to the neckline and adding it to the breakout point. This pattern forecasts a potential move toward 0.000023 for Shiba Inu, indicating strong upward momentum.
Source-TradingView
On-chain Metrics Suggest Reduced Selling Pressure on SHIB
Shiba Inu prices may turn bullish as recent on chain data reveals decline in selling pressure. The 30 day MVRV ratio, which tracks average profit/loss of investors for each token, has plummeted and thus fewer holders are deciding to sell for a profit.
Source- Santiment
SHIB’s supply on exchanges remains low, indicating reduced availability for selling. This combination of metrics often signals a potential bullish reversal as investors hold their positions instead of taking profits. Reduced selling pressure and increased investor confidence might trigger upward momentum in SHIB’s price.
Source- Santiment
Shiba Inu Price Rally Likely as Majority SHIB Holders In Profit
The majority of Shiba Inu price holders are profitable, signaling potential bullish momentum. According to the GIOM metric, 86.31% (849.56 T SHIB) are in profit, 6% (62.64 trillion SHIB) are at break-even, and 7% (72.13 T SHIB) are at a loss.
Source- ITB
At the time of reporting, the SHIB price is trading at $0.00002727, with a slight surge of 2% in the past 24-hours This surge follows the crypto market rally with BTC hovering above $107k and ETH rallying above $4k, fueling the rally. If the bullish trend continues, the SHIB price prediction could hit $0.00004 by the end of year 2024.

Disclamation: information source, trading view, Santiment. Suggest and financial advice.

#shiba⚡ #ShibaInuSurge #Shibalnu #RideTheKaiaWave

Shiba Inu (SHIB), previously considered a speculative asset in the volatile cryptocurrency market, experienced a remarkable twenty percent surge over the weekend, marking a noteworthy development in its trajectory.
The unexpected uptick in value has sparked discussions about the potential for #SHIB to reach the $1 milestone plausibly. The recent performance of SHIB, currently valued at a minute $0.0000100, underscores a stark contrast from its earlier loss of nearly 16%, highlighting the dynamic nature of the cryptocurrency.
Despite its enigmatic market position, with a ranking of #4480 on CoinMarketCap and an undisclosed market capitalization, SHIB continues to captivate both market observers and investors.
Analyzing the four-hour time frame chart, the pivot point for SHIB is $0.00001008. Initial resistance for the token is noted at $0.00001048, with subsequent resistance levels at $0.00001098 and $0.00001152.
On the support side, SHIB finds its initial support at $0.00000950, followed by additional support levels at $0.00000896 and $0.00000834, in that sequence. The ongoing intrigue surrounding the price dynamics of Shiba Inu keeps market participants closely monitoring its movements and potential price predictions.

$$sThe current Relative Strength Index (RSI) stands at 47, indicating a negative sentiment as it remains below the midline 50. Moving on to the Moving Average Convergence Divergence (MACD), the value is -0.00000005, with the signal line at 0.00000013, implying a potential downward momentum.
Situated around $0.0000100, the 50-day Exponential Moving Average (EMA) is a crucial reference point. The fact that the current price is above this EMA suggests a potential shift towards a positive trend in the short term.
Noteworthy is the closure of candlesticks above the 50 EMA and the presence of an upward trendline in the chart pattern, providing additional support for a bullish trend. These combined factors strongly indicate a likelihood of an upward movement.
In summary, the overall trend for SHIB appears cautiously optimistic, particularly above the $0.0000100 mark, as mentioned in the conclusion of this analysis.
Looking ahead in the short term, the prediction anticipates that $SHIB may test immediate resistance levels in the coming days. Investors and market participants are advised to monitor these technical indicators for potential developments in Shiba Inu’s price movements.
#Roarstock #ShibaInuSurge #ShibaInuTech #Shibarium #Shibaprice
$SHIB